Bank digital transformation — series 2

Summary

Why is it important?

  • New tech disruption in other areas has raised customers’ expectation
  • Banking industry hasn’t changed in the last 100 years, hence creating gap between expectation and current offering
  • Changes are coming and they have proven to be cause seismic shift in the industry
  • Results in incumbent banks to either dramatically transform or be left behind.
  • Apply first principle of design
  • 4 possible operating models
  • Emerging trends
  • Technology trends
  • Realize change is coming, it’s dramatic and be serious
  • Redefine strategy

Why important?

Simply put, transformational changes are coming to the financial industry, and if incumbent don’t change, they will be left behind.

So, what should banks do?

Apply first principle of design:

  1. Digital bank
  2. Go for a niche.
  3. Be the infrastructure
  4. Platform

Trends:

Emerging trends:

My final thoughts

1. Realize that change is coming, and it’s going to redefine the industry

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Ming-Chieh Lee

Ming-Chieh Lee

passion for #fintech #payments #RTP real time payment #Banking as a Service #digital strategy #blockchain